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CHAPTER 15 Tradeoffs, Expectations, Credibility, and Sources of Business Cycles Phillips Curve started after a study of the relationship between the unemployment rate and wage in inflation in England -The wage rate rose with falling unemployment t

Chapter 8: Unemployment and Inflation Business Cycles the pattern of real GDP rising and falling Recession contraction of two or more successive quarters of falling GDP Depression a severe, prolonged economic contraction. Usually involves unemploy

1-30 CHAPTER 4 The Market System and the Private Sector -The Private Sector is made up of households, businesses and the international sector -The Public Sector refers to activity by the various levels of government Productive Activity occurs in bo

2-1- CHAPTER 5 The Public Sector Economists often use the concept of efficiency to judge actions because an efficient use of resources implies a maximum value of output from a resource base. This is called Technical Efficiency. Economic Efficiency

2-13 - CHAPTER 6: National Income Accounting -After being blind-sided by the Great Depression, policymakers decided that they needed measures of economic activities -A Keynesian economist, Simon Kuznets, was charged with establishing the methodology

Chapter 7 An Introduction to the Foreign Exchange Market and the Balance of Payments Foreign Exchange: Foreign money, including paper money and bank deposits that are denominated in foreign currency Foreign Exchange Market: A global market in which

Chapter 12: Fiscal Policy Crowding Out - The issue of crowding out is usually raised in the context of increased government spending (G) financed by the issue of debt. Essentially, the government borrows the money it will spend - The governments dema

Chapter 13: Money and Banking Money is anything generally acceptable to sellers in exchange for goods and services A liquid asset is an asset that can easily be exchanged for goods and services Functions of Money 1. Medium of exchange 2. Unit of acc

1-25 CHAPTER 3: Markets, Demand and Supply, and the Price System Markets: A market is a place or service that enables buyers and sellers to exchange good and services Barter: The exchange of goods and services directly without the involvement of mon

1-23 - CHAPTER 2: Choice, Opportunity Costs, and Specialization Opportunity Cost the value of the highest valued alternative that must be forgone when a choice is made. It is the evaluation of trade-off. Marginal Benefits and Costs the benefits and

CHAPTER 16 Macroeconomic Viewpoints: New Keynesian, Monetarist, And New Classical Keynesian Economics -Follows the work of John Maynard Keynes and the General Theory -Emphasizes the dominant role of aggregate demand in the determination of GDP and e

CHAPTER 17 Economic Growth -Economic growth is an increase in real GDP -As more goods and services are produced, real GDP increases and people are able to consume more -Small changes in rate of growth produce big changes over periods of many years b

CHAPTER 18 Development Economics Poverty -Difficult to define or measure -Considered in the absolute sense: -In the US, the poverty level for a family of four in 2003 was an annual income of $18,244 or less -The World Bank uses per capita GNP of $75

CHAPTER 19 Globalization -Globalization is the continuing process of economic restructuring which has lead to an increasing cross-border flow of trade in goods, services, and financial assets, along with an increasing international mobility of techn

Macroeconomics Chapter 1: Economics: The World Around You Scarcity-The shortage that exists when less of something is available than is wanted at a Zero price Economic Good-Any item that is scarce Free Good-A good for which there is no scarcity Econo

1-22 CHAPTER 1 - The World Around You -Economics is a Social Science - Economists study how individuals, individually and collectively make decisions about: -Working and hiring -Buying consumer goods and services (consumption) -Producing goods and s

Chapter 14: Monetary Policy The Federal Reserve System -The Federal Reserve System "the Fed" serves as the central bank for the U.S. -The central bank typically has the following functions: -It is the banks' bank: it accepts deposits from and makes l

MACROECONOMICS Advice

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This is an insightful course to take for all majors, whether they are specializing in economics or business. The course presents the principles of macroeconomics. The relationship between supply and demand is useful for any student to learn because it can be applied in all disciplines.

Course highlights:

Professor Hoke effectively laid out the concepts in class using real world examples. One of the best parts about the course was being engaged in a class discussion over these topics that provided clarity for the course content. I learned about core principles within the study of economics, specifically the relationship between supply and demand and how it works in the real world.

Hours per week:

6-8 hours

Advice for students:

Read the chapters ahead of lecture, go to class, and attempt the homework and study hard for the final!

Course Term:Fall 2015

Professor:Omer Hoke

Course Required?Yes

Course Tags:Great Intro to the SubjectAlways Do the ReadingGreat Discussions